The State Bank of India plans to raise up to $2 billion (over Rs 126 billion) by issuing bonds in US dollar or other convertible currency over two fiscals to fund overseas expansion.

"The executive committee of the Central Board.. has approved long term fund-raising in single/multiple tranches up to $2 billion," State Bank of India (SBI) said in a regulatory filing.

The State Bank of India may reduce its minimum balance requirement to Rs 1,000 from the current Rs 3,000 balance in metros, according to a report in the Economic Times.

The largest Indian bank suffered a huge backlash last week when finance ministry data revealed that it netted a windfall of Rs 17.72 billion, more than its second-quarter profit, from customers for non-maintenance of monthly average balance in savings accounts in eight months of 2017-18.

The benchmark BSE Sensex recovered by over 123 points in early trade on Thursday, halting its three- session falling streak on fresh spell of buying in recent losers amid positive Asian cues.

The 30-share index rebounded by 123.37 points, or 0.36 per cent, to 33,916.75. The gauge had lost 263.45 points in the previous three sessions.

State Bank of India, the country’s largest lender, made a whopping Rs 17.7 billion in charges levied on customers failing to maintain their minimum monthly average balance during the April-November 2017 period, according to media reports quoting finance ministry data.

Annual growth in the bank’s revenue on this count cannot be arrived at as SBI had collected no money from customers for not maintaining average balance during the comparable period in 2016.

In a surprising move at the start of the year, State Bank of India (SBI) reduced its base rate and benchmark prime lending rates (BPLR) for existing customers by 30 basis points each effective from January 1.

One basis point is a hundredth of a percentage point.

SBI has introduced a special leave for employees who have suffered a bereavement in the family. This will be a one-week paid leave on the loss of a family member.

SBI deputy MD Prashant Kumar said that besides leave, the bank also took a decision to provide 75% subsidy on mediclaim premium for retired employees earning pension up to Rs 20,000. For those earning Rs 20,000-30,000 pension, the subsidy would be 60%. The bank has also expanded scope of mediclaim cover for employees' family to 100% of claimed amount as against 75% earlier.

State Bank of India plans to raise capital worth Rs 8,000 crore through additional tier-I bonds (AT1 bonds) by March 2018.

The board of directors of the country’s largest lender has given a nod to raise additional tier-I capital (AT1) of Rs 8,000 crore through Basel-III-compliant debt instruments, SBI informed the BSE.

The State Bank of India has asked its customers to stop using cheque books of its 6 subsidiary banks as they would be invalid from December 31 onwards.

The country's biggest public lender has asked the account holders of State Bank of Patiala, State Bank of Bikaner and Jaipur, State Bank of Raipur, State Bank of Travancore, State Bank of Hyderabad and Bhartiya Mahila Bank to submit the application to change the cheque book and said that Old cheque books and IFSC codes will be invalid after December 31.

Manufacturing activity showed moderate growth with annual SBI Composite Index rising to 53.1 in December compared to 53 in the previous month. The SBI Composite Index has mainly two indices – SBI Monthly Composite Index and SBI Yearly Composite Index. The month-on-month index declined to 50.6, showing low growth in the month compared to 51.2 in November. This indicates a possible slowdown in IIP growth in the next couple of months.

Private equity fund Carlyle, through one of its arms, has completed the buyout of GE Capital’s stakes in its two credit card joint ventures (JVs) with State Bank of India (SBI), the lender told stock exchanges on Friday. The PE player will hold a 26% stake in each of the two JVs — SBI Cards & Payments Services and GE Capital Business Process Management Services — both of which come under the SBI Card umbrella.

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